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Crypto-aligned Rep. Barry Moore won the Alabama Republican Senate primary on Tuesday, defeating Jared Hudson to claim the open seat being vacated by Sen. Tommy Tuberville. Fairshake, the crypto-focused political action committee backed by Coinbase and Andreessen Horowitz (a16z), spent more than $10 million on advertising and related support for Moore's race — its largest single-race outlay of the 2026 cycle, according to PAC spokesperson Geoff Vetter.
Fairshake entered the year with $193 million raised for the November midterms and roughly $150 million still in cash on hand, Vetter said. The Alabama investment extends an aggressive primary-season push that already helped pro-crypto Democrat Christian Menefee unseat longtime Rep. Al Green in a Texas Democratic primary runoff in May. Not every bet has paid off: in March, the PAC spent millions backing Rep. Raja Krishnamoorthi in Illinois, only to see crypto-skeptic Lt. Gov. Juliana Stratton win the Democratic primary.
Why it matters
Moore's record lines up squarely with the crypto industry's legislative wish list: he has voted for both the stablecoin bill that became law last year and the broader market-structure bill, cosponsored legislation banning a U.S. central bank digital currency, and introduced a bill clarifying when software developers qualify as money-transmitting businesses. That makes him a reliable addition to the pro-crypto caucus in the Senate, which industry backers are explicitly trying to grow to a size that can shape — not just react to — federal digital-asset policy.
Market impact
The headline numbers — $10M into a single primary, $193M raised for the cycle, $150M still deployable — signal that the 2024 playbook of targeted primary spending is now operating at a much larger scale. The cash-on-hand figure is the more important one for markets: it gives Fairshake room to flood competitive general-election races where a single Senate seat can decide the fate of market-structure, stablecoin, or CBDC legislation.
Frequently asked questions
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How much did Fairshake spend on the Alabama Senate primary?
Fairshake spent more than $10 million on advertising and related support for Rep. Barry Moore's primary race, according to PAC spokesperson Geoff Vetter — its largest single-race outlay of the 2026 cycle.
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Who funds Fairshake and how much has it raised for 2026?
Fairshake is backed by Coinbase and Andreessen Horowitz (a16z). The PAC raised $193 million for the 2026 midterm cycle and is sitting on roughly $150 million in cash on hand.
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What crypto legislation has Barry Moore supported?
Moore voted for the stablecoin bill that became law last year and the broader market-structure bill, cosponsored legislation banning a U.S. central bank digital currency, and introduced a bill clarifying when software developers qualify as money-transmitting businesses.
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Has Fairshake won every race it has spent in this cycle?
No. Fairshake helped pro-crypto Democrat Christian Menefee unseat Rep. Al Green in a Texas Democratic primary runoff in May, but in March the PAC spent millions backing Rep. Raja Krishnamoorthi in Illinois and lost to crypto-skeptic Lt. Gov. Juliana Stratton.
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Why does a single Senate primary win matter for crypto markets?
Each pro-crypto seat in the Senate shapes federal policy on stablecoins, market structure, and CBDCs. Fairshake's stated goal is to build the largest pro-crypto caucus in Senate history, with $150M still deployable into competitive general-election races where a single seat can swing legislation.
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